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Electrocardiogram (ECG) Devices Market Size

Report ID: GMI5425
Published Date: Feb 2023
Report Format: PDF

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Electrocardiogram Devices Market Size

Electrocardiogram Devices Market size was worth more than USD 7 billion in 2022 and is projected to record a 4% CAGR from 2023-2032. Rising prevalence of cardiovascular diseases will accelerate industry trends.

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Rising prevalence of cardiovascular disorders is expected to have a substantial impact on the industry dynamics. In recent years, the number of people suffering from cardiovascular disorders surged significantly with the rapid adoption of sedentary lifestyles, poor dietary patterns, and excessive consumption of alcohol. According to the Centers for Disease Control and Prevention (CDC), by the end of 2030, the U.S. is estimated to have more than 12 million cases of atrial fibrillation. Additionally, the rapid digitization and automation of healthcare facilities to provide next-generation cardiac care with enhanced operational capabilities will complement the market progression.

Electrocardiogram Devices Market Report Attributes
Report Attribute	Details
Base Year:	2022
Electrocardiogram Devices Market Size in 2022:	USD 7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4%
2032 Value Projection:	USD 10.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	310
Tables, Charts & Figures:	728
Segments covered:	Product, Lead Type, Portability, End-use and Region
Growth Drivers:	Growing prevalence of cardiovascular diseases Rising elderly population Technological advancement in ECG Devices Increasing adoption of mobile and telemetry cardiac monitors
Pitfalls & Challenges:	High cost of advanced ECG devices Lack of skilled professionals

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Lack of skilled professionals to restrain electrocardiogram devices market growth

The ongoing advances in medical devices and the rapid integration of next-generation technologies, such as artificial intelligence (AI) and robotics have fueled the requirement for highly skilled professionals. The dearth of proper technical expertise increases the risk of errors while handling sophisticated technologies, leading to hampered output. Various countries across the globe are experiencing a shortage of health aides, physicians, and nurses. For instance, as per the Association of American Medical Colleges (AAMC) projections from 2019 to 2034, the U.S. is anticipated to experience a shortage of between 37,800-124,000 physicians within a span of 12 years. Hence, the scarcity of skilled healthcare personnel may present a major challenge for the ECG devices industry.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

Global market for electrocardiogram devices size was worth more than USD 7 billion in 2022 and is projected to record a 4% CAGR from 2023-2032.

Non-portable ECG devices is projected to exhibit over 3.5% CAGR between 2023-2032 due to increasing use in the treatment of atrial flutter and atrial fibrillation.

Asia Pacific electrocardiogram devices market size is anticipated to expand at over 4% CAGR from 2023-2032 owing to the rising prevalence of chronic illnesses.

AliveCor, Inc., Allengers Medical Systems Ltd., Bionet America, Inc., Biotricity, Inc., Cardioline S.P.A., GE Healthcare, and Medtronic Plc are some of the key participants in the market.